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Does this plan make sense? v3 (lemmy.world)

submitted 9 months ago by 3volver to c/general

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[–] [email protected] 0 points 9 months ago (1 children)

"Collateral for loan is realized gain" targets the "Buy Borrow Die" strategy.

[–] stevestevesteve 1 points 9 months ago (1 children)

Sure but what's the actual action there? Implementation of a wealth tax? What property counts for that? Is there some other technique he/you are talking about? Taking a loan will now count as income?

[–] [email protected] 2 points 9 months ago

Making a loan count as income will mess up legit home purchases. If you went that route it couldn't be that simple.

A big benefit to the buy borrow die strategy is the step up basis for your children. Realizing the gain will move the basis up and cause a taxable event.

I don't know all the details, much less if this plan is perfect, but I think that's the idea.

Maybe removing step up basis is enough, to help reduce generational wealth. IDK